I-95 Southbound Collector-Distributor (CD) Lanes ......Apr 08, 2020 · I-95 Southbound CD...

I-95 Southbound CD Lanes–Financial Plan-Annual Update

(UPC#s: 101595, 110595, 112046, 111980)

January 2020

1

I-95 Southbound Collector-Distributor (CD) Lanes - Rappahannock River Crossing From Exit 130 (Route 3) To Exit 133 (Route 17)

Financial Plan – Annual Update January 31, 2020

State Project Number(s): 0095-111-259, P101, R201, C501, B604-B606, D601-D603; 0095-089-741, C501, B651, B652; 0095-089-751, C501 0095-111-303 UPC(s): 101595, 110595, 112046, 111980


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

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Table of Contents

1. Executive Summary ............................................................................................................... 3 2. Project Description ................................................................................................................. 3 3. Schedule/History ..................................................................................................................... 7 4. Project Cost ........................................................................................................................... 10

5. Project Funds ........................................................................................................................ 12 6. Financing issues .................................................................................................................... 15 7. Cash flow ............................................................................................................................... 15 8. P3 Assessment ....................................................................................................................... 18 9. Risk and Response strategies............................................................................................... 18

10. Annual update cycle ............................................................................................................. 19

11. Summary of cost changes since last year’s financial plan ................................................ 19

12. Cost and funding trends since initial financial plan .......................................................... 19 13. Summary of schedule changes since last year’s financial plan ........................................ 20 14. Schedule trends since initial financial plan ........................................................................ 20

Figure 1: Geographic Area.............................................................................................................. 4 Figure 2: Project Limits .................................................................................................................. 5

Figure 3: Project Schedule Overview ............................................................................................. 9

Table 1: Project Cost Estimates………………………………………………………………….10

Table 2: Summary of Project Funding .………………………………………………………….13

Table 3: Project Authorization Summary ……………………………………………………….16

Table 4: Cash Flow Analysis…………………………………………………………………….17


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

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1. EXECUTIVE SUMMARY

The I-95 Southbound Collector-Distributor (CD) Lanes – Rappahannock River Crossing project

consists of three projects, the I-95 Southbound CD Lanes (UPC 101595), the replacement of the

I-95 Northbound and Southbound Bridges over Route 17 (UPC 110595), and I-95 Southbound at

Route 17- FredEx Connection (UPC 112046) which is the interface between the CD Lane project

and the 10-mile Extension of the Express Lanes from Exit 143 to Exit 133 in Fredericksburg. A

fourth UPC is also associated with the project, UPC 111980, which was established to reflect the

debt service on the project in the form of Grant Anticipation Revenue Vehicle (GARVEE) bonds.

The CD Lane portion of the project will construct three new I-95 southbound general purpose lanes

from just north of Exit 133 (Route 17) in Stafford County to just south of Exit 130 (Route 3) in

City of Fredericksburg and Spotsylvania County. The new lanes are intended to carry through

traffic seeking to travel south of the Fredericksburg region. Three existing I-95 southbound lanes

will be converted to three southbound lanes for Route 3 and Route 17 interchange traffic, and

Safety Rest Area and Virginia Welcome Center traffic. A new bridge over the Rappahannock River

will be built to carry the new general purpose traffic lanes. It will be built parallel to the existing

I-95 southbound bridge.

The CD Lanes project is a SMART SCALE funded project. It has a combination of federal and

state funds, as well as Grant Anticipation Revenue Vehicle (GARVEE) note proceeds. The

replacement of the I-95 northbound and southbound bridges over Route 17 portion of the project

will replace structurally deficient bridges, utilizing State of Good Repair funding. The I-95

Southbound at Route 17- FredEx Connection portion of the project addresses the overlap and

interface area between the Rappahannock River Crossing project and the Express Lanes Extension

project. Funding for the interface/overlap work is being provided by the concessionaire for the

Express Lanes Extension project.

The majority of the funding for the projects is provided in the out years. As a result, expenditures

are anticipated to outpace funding during the construction period. This will be managed through

funding acceleration in future Six Year Improvement Program (SYIP) updates as well as overall

cash flow management (-+) in the actual spend-plan/contractor payments as work packages are

refined in the design-build process. The projects were procured via a best value procurement, the

design-build contract was awarded by the Commonwealth Transportation Board on January 10,

2018. Construction of the project is progressing on schedule. Based on the contract documents,

the completion date for the projects is May 26, 2022. There is a $1.8 million incentive if the

contractor completes the project 90 days ahead of the May 2022 date.

2. PROJECT DESCRIPTION

The I-95 Southbound Collector- Distributor (CD) Lanes - Rappahannock River Crossing project

is located along I-95 southbound between mile marker 135 in Stafford County and mile marker

129 in the Spotsylvania County. Figure 1 shows the general geographic area of the project.


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

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Figure 1: Geographic Area

The project will construct three new lanes in the median of I-95 that will carry through traffic

seeking to travel south of the Fredericksburg region. The three existing I-95 southbound lanes will

be converted to southbound CD lanes for Route 3 and Route 17 interchange traffic, and Safety

Rest Area and Virginia Welcome Center traffic. A new bridge over the Rappahannock River will

be built to carry the new general purpose traffic lanes. It will be built parallel to the existing I-95

southbound bridge. The project seeks to reduce congestion on I-95 by providing local traffic with

an additional route to travel between Route 17 and Route 3 without merging into the interstate's

general purpose lanes. Traffic traveling south on I-95 can choose to enter either the three new

general purpose lanes that will be built in the median of I-95, or the CD lanes. The entrance to the

new lanes will be located just south of the Truslow Road overpass in Stafford County.

PROJECT AREA


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

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Figure 2: Project Limits

The project also includes the reconstruction of existing I-95 northbound and southbound general

purpose lane bridges over Route 17 and construction of certain elements of the I-95 Express Lanes

Fredericksburg Extension (Fred Ex) project that would enhance construction efficiencies and limit

the overlap of work between the I-95 Southbound CD Lanes project and the Fred Ex.

The overall project has the following 4 UPCs associated with it:

1. 101595 - I-95 Southbound Collector Distributor Lanes –Rappahannock River Crossing

2. 110595 - I-95 Southbound and Northbound Bridges over Route 17 - Replacement

3. 112046 - I-95 Southbound at Route 17- Fred Ex Connection

4. 111980 - I-95 Rappahannock River Crossing SB - GARVEE Debt Service

End Project

Begin Project


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

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The Scope of work under each UPC is as follows:

I-95 Southbound CD Lanes (UPC 101595)

The scope includes adding three lanes parallel to the I-95 southbound general purpose lanes

between Truslow Road and 1.29 miles south of Route 3 (Exit 130) including construction of a new

bridge over Rappahannock River, construction of a new bridge over Route 17, and associated

roadway improvements on I-95 and Route 17. The total length of the project is approximately 6

miles.

I-95 Southbound and Northbound Bridge Replacements (UPC 110595)

The scope includes replacing the existing southbound and northbound general purpose lane bridges

over Route 17 and associated roadway improvements on I-95 and Route 17.

Fred Ex Scope Elements (UPC 112046)

Certain elements required for the Fred Ex project are included as Option #1, as further described

below. The scope includes I-95 Express lanes to I-95 GP acceleration lane, additional widening of

new I-95 southbound CD lanes bridge over Route 17 (B606) to accommodate the additional width

and the concrete median barrier, additional widening of Route 17 SB to I-95 southbound ramp,

realignment of the loop ramp tie-ins from and to US Route 17, and installation of two 4-inch

diameter conduits across I-95 Northbound Bridge (B652) and junction boxes.

I-95 Rappahannock River Crossing SB - GARVEE Debt Service (UPC 111980)

This UPC was established for expenditures of the debt service related to UPC 101595 only.

Environmental Summary

The environmental study for the project includes both the southbound and northbound CD lanes.

The Federal Highway Administration (FHWA) concurred with an Environmental Assessment

(EA) level National Environmental Policy Act (NEPA) document on January 10, 2014. FHWA

approved a Draft EA on June 8, 2015 for public availability. After public input and minor revisions

to the EA, FHWA issued a Finding of No Significant Impacts on November 17, 2015.

In 2017, a NEPA Re-evaluation was initiated for changes proposed for the I-95 southbound lanes.

A Citizen Information Meeting was held on June 28, 2017. The outreach conducted to date has not

resulted in any new environmental issues or concerns. The public has generally supported the

project.

VDOT received FHWA’s concurrence on EA Re-evaluation on September 14, 2017 and an

approval of the IMR supplement on October 13, 2017.

Project Website Additional information can be found on the Project website, which may be accessed on VDOT’s

external website.

http://www.virginiadot.org/projects/fredericksburg/i-

95_southbound_rappahannock_river_crossing.asp

http://www.virginiadot.org/projects/fredericksburg/i-95_southbound_rappahannock_river_crossing.asp

http://www.virginiadot.org/projects/fredericksburg/i-95_southbound_rappahannock_river_crossing.asp


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

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3. SCHEDULE/HISTORY

Project History

2000 – 2002

Studies identify potential improvements to relieve congestion in the I-95 corridor in the

greater Fredericksburg area. Reference: Draft I-95 Interchange Justification Report

(VDOT, March 2000); Outer Connector Northwest Quadrant Environmental Impact

Statement (VDOT, 2001; I-95 Collector/Distributor Access Feasibility Study (VDOT,

2002) and the I-95 HOV Feasibility Study (VDOT, 2002).

January 2009

The Fredericksburg Area Metropolitan Planning Organization (FAMPO) adopts the 2035

Constrained Long Range Plan (CLRP), which includes funding for study, design, right-of-

way, and partial construction of new I-95 access near the Fredericksburg Safety Rest

Area/Welcome Center in the City of Fredericksburg, along with construction of a new

tolled parkway to serve commuters and commercial center customers.

April 2009

The Virginia General Assembly creates the George Washington Toll Road Authority

(GWTRA) for the purpose of supplementing public finances to fund construction of new

I-95 access and a tolled parkway.

October 2010

The GWTRA and VDOT complete the I-95 Access Study and Interchange Justification

Report, which identified a preferred alternative that includes: the construction of a new

four to six-lane limited access connector road that would extend approximately four miles.

April 2011

Federal Highway Administration (FHWA) concurred that a proposed new access point on

I-95 between VA 3 and the Rappahannock River as identified in the October 2010 I-95

Access Study is acceptable as conditioned in the April 28, 2011 FHWA approval letter.

May 2011

This Rappahannock River Crossing (RRC) Project was requested by the City of

Fredericksburg and is included in the FAMPO Fiscal Year 2012-2015 Transportation

Improvement Program.

January 2012

The Spotsylvania County Board of Supervisors passed a resolution indicating withdrawal

of support for the proposed four- to six-lane limited access connector road because of the

environmental, historical, conservation-related, cultural and quality-of-life concerns.

The resolution further stated that the board will continue to support VDOT in seeking

alternative solutions to alleviating traffic congestion on I-95 and the VA 3 corridor,


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

8

including the funding of other elements within the project to include I-95 bridge additions

over the Rappahannock River and improvements to the VA 3 interchange.

April 2013

The RRC project was included in the FAMPO 2040 Long Range Transportation Plan,

adopted April 15, 2013.

June 2013

The RRC project was programmed in the Fiscal Year 2014-2019 VDOT Six-Year

Improvement Program (SYIP).

The I-95 Interchange Modification Report (IMR), Improvements to I-95 between Exit 133

and Exit 130, was initiated by VDOT.

November 2013

FAMPO Resolution 13-33, signed November 18, 2013, transferred additional funds to the

RRC project to complete the IMR and environmental studies. Preliminary Engineering and

Right of Way were also funded for the project.

June 2014

The RRC project funding was modified in the Fiscal Year 2015-2020 VDOT SYIP. The

project and project funding was divided into two projects, one for southbound and a

separate for northbound.

November 2014

The Revised Final Fiscal Year 2015-2020 VDOT SYIP was published which reduces the

funding programmed for the two (southbound and northbound) RRC projects.

March 2015

The I-95 IMR, Improvements to I-95 between Exit 133 and Exit 130, was completed by

VDOT and pending approval.

April 2015

The draft Fiscal Year 2016-2021 VDOT SYIP was published, which shows preliminary

engineering funded for the southbound direction.

June 2015

FHWA approved the Environmental Assessment

A Location Public Hearing was held on June 24, 2015.

November 2015

The FHWA issued Finding of No Significant Impact (FONSI) on November 17, 2015,

finalizing the approval of the NEPA Environmental Assessment.

July 2016

The Interchange Modification Report was approved by the FHWA on July 6, 2016.


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

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November 2016

RFQ was released on November 01, 2016

January 2017

The Design Public Hearing was held on January 25, 2017.

June 2017

The Citizen Information Meeting was held on June 28, 2017.

July 2017

The RFP was released on July 15, 2017.

September2017

The FHWA approved the EA Re-evaluation on September 14, 2017

October 2017

The FHWA approved the IMR supplement on October 13, 2017

January 2018

CTB awarded design-build contract on January 10, 2018

July 2018

Pardon Our Dust Meeting held July 12, 2018

August 2018

Construction began on the project

November 2018

Construction began on the I-95 bridge over the Rappahannock River

April 2019

Construction began on Route 17

September 2019

Northbound I-95 traffic diversion into the median for construction of the Route 17 bridges

Project Schedule

Milestone dates for the design-build contract are as follows:

Interim milestone (work relating to Route 17 Bridges): September 15, 2021

o $500,000 incentive if complete 30 days early

Final Completion: May 26, 2022

o $1.8 million incentive if complete 90 days early


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

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Figure 3: Project Schedule Overview

4. PROJECT COST

UPC 101595: The current total project cost estimate is $116,129,998. This project cost covers

preliminary design activities, right of way acquisition, utility relocation, environmental and design

permits/approvals, survey and geotechnical investigations, and construction.


construction of the scope elements described in Section 1.


construction of scope elements described in Section 1.

UPC 111980: An estimate of $51,002,173 is associated with the UPC. This UPC was established

for expenditures of the debt service related to UPC 101595.

Tables 1.1 thru 1.4 include the current estimates of the projects and the remaining cost-to-complete

in year-of-expenditure dollars. The tables below depict the project expenditures as of October 31,

2019.

Table 1.1: Project Cost Estimate for UPC 101595

PHASE

Start Finish

PE-Design Sep-11 Feb-18

RW/Utilities Feb-18 Jul -20

Construction Aug-18 May-22

2022

UP

C 1

01

59

5, 1

10

59

5,

11

20

46

20202011 2012 2017 2018 20212016201520142013 2019

Phase EstimateExpenditures as of

10/31/2019Balance to Complete

PE $6,100,000 $5,358,572 $741,428

Right of Way $700,000 $23,028 $676,972

Construction $109,329,998 $36,904,966 $72,425,032

Total $116,129,998 $42,286,566 $73,843,432


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

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Cost Estimate Methodology

Preliminary Engineering

VDOT has executed agreements with various professional services firms to provide engineering

and technical support in the development of the design of the project. Professional services

provided included traffic data collection and analysis, survey, geotechnical investigations,

environmental services, roadway and traffic engineering services. The data collected and

documents developed during this time were used in the procurement of the design-build contract.

The preliminary engineering estimate for the project was developed based on hours to complete

specific tasks and rates for appropriate design professionals. The tasks and rates were compared to

similar projects. These costs include an update of required documents, overall project

management, design reviews, contract administration and construction oversight.

Right of Way

Right of way acquisitions are yet to be completed. In accordance with the design-build Request

for Proposals, Part 2, Section 1.6, VDOT remains responsible for the actual cost of the purchase



PE $0 $0 $0

Right of Way $0 $0 $0

Construction $13,333,628 $2,015,420 $11,318,208

Total $13,333,628 $2,015,420 $11,318,208



PE $0 $0 $0


Construction $4,000,000 $458,232 $3,541,768

Total $4,000,000 $458,232 $3,541,768



PE $51,002,173 $0 $51,002,173


Construction $0 $0 $0

Total $51,002,173 $0 $51,002,173


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

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of right of way, all easements and miscellaneous fees associated with real estate closings as part

of the Project and oversight of the right of way acquisition, payment, and condemnation process.

The right of way estimate was developed based on the RFP plan set and actual costs to date. Tax

assessment and appraisal information was used to estimate real estate values. Cost increments for

condemnations, relocations, and administrative costs were based on regional information.

Construction

An estimated cost for the design-build contract was developed using the RFP plans developed for

the project. Unit costs for similar projects were utilized. Lump sum costs were used for major items

of work. The fixed amount of the design-build contract will be lump sum, with payments based

upon the Project physical percent of completion. Utility relocation and final design costs are

included under construction and will be part of the design build contract lump sum amount.

The estimates for project cost are reflected in VDOT’s Integrated Project Management (iPM)

system for the project costs. This includes all associated costs for preliminary engineering (PE),

right of way (RW) and construction (CN).

5. PROJECT FUNDS

The project is fully funded by multiple funding sources. Table 2.1 thru 2.4 outlines the specific

funding sources for each UPC.


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

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Table 2.1: Summary of Project Funding by Source (UPC101595)

Source Through FY20 FY21 FY22 FY23 FY24 FY25 Total

Federal Sources

MAP21 NHPP Statewide 80/20 $2,261,007 $2,261,007

MAP21 NHPP Statewide 80/20 Soft Match $565,252 $565,252

MAP21 NHPP Bridge $617,476 $617,476

MAP21 NHPP Bridge Soft Match $154,369 $154,369

MAP21 NHPP Exempt 80/20 $1,987,762 $1,987,762

MAP21 NHPP Exempt 80/20 Soft Match $496,941 $496,941

MAP21 STP Bridge $346,433 $346,433

MAP21 STP Bridge Soft Match $86,608 $86,608

RSTP Interstate : Fredericksburg MPO $7,062 $7,062

Interstate Maintenance (IM) $448,656 $448,656

Interstate: Federal NHS - Interstate $1,392,352 $1,392,352

Soft Match: Interstate NHS Soft Match $160,000 $160,000

HPP Nat. Freight Program - Federal $21,566,313 $21,566,313

HPP Nat. Freight Program - Soft Match $5,391,577 $5,391,577

HPP STP STWD $6,442,415 $4,928,557 $3,606,184 $14,977,156

HPP STP STWD Soft Match $1,610,604 $1,232,139 $901,545 $3,744,288

HPP HIP STWD - Federal $2,629,306 $2,629,306

HPP STP HIP STWD Soft Match $657,327 $657,327

RSTP Interstate Federal RSTP $487,918 $487,918

HPP – NHPP Soft Match $0 $120,860 $759,775 $880,635

HPP - NHPP $0 $483,438 $3,039,097 $3,522,535

RSTP Regional: Fredericksburg $107,600 $107,600

ITTF Nat. Freight Program $5,417,065 $5,417,065

ITTF Nat. Freight Program Soft Match $1,354,267 $1,354,267

State Sources

Interstate: NHS State Match $188,088 $188,088

RSTP Match - Access : Fredericksburg MPO $5,000 $5,000

RSTP Match - Interstate : Fredericksburg MPO $647 $647

GARVEE – High Priority $3,300,776 $33,771,361 $37,072,137

HPP - HPP - State $9,417,392 $9,417,392

State Match Non-Formula: Interstate State

Match Off The Top $136,978 $136,978

Interstate IM State Match $49,851 $49,851

TOTAL $67,287,042 $40,536,355 $8,306,601 $116,129,998


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

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Table 2.4: Summary of Project Funding by Source (UPC 111980)

*Debt service commitments extend beyond the current Six- Year Improvement Plan

Project funding is demonstrated in the Fredericksburg Area Metropolitan Planning

Organization’s (FAMPO) Long Range Transportation Plan and Transportation

Improvement Program (TIP), as well as the Commonwealth’s Statewide Transportation

Program (STIP).

UPC 101595: Preliminary engineering was authorized by FHWA on August 19, 2011 under

federal project number 5111235. Right of way and construction were authorized by FHWA on

January 24, 2018 under federal project number 5111235.

Source Through FY20 FY21 FY22 FY22 FY23 FY24 FY25 Total

Private Sources

Accounts Receivable Interstate (P3 Concessionaire) $4,000,000 $4,000,000

TOTAL $4,000,000 $4,000,000


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

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UPC 110595: Construction was authorized by FHWA on January 24, 2018 under federal project

number 511235.

UPC 112046: Construction was authorized by FHWA on January 24, 2018 under federal project

number 5111235.

Table 3: Project Authorization Summary as of October 31, 2019

Federal

Project UPC(s)

Phase

Classification Cost Federal Funds

Advance

Construction

5111235 101595 PE $6,100,001 $4,444,960 $1,204,800

101595 RW $700,000

$700,000

$0

101595 CN

$75,855,682

$49,036,935

$21,264,645

110595 CN $13,333,628

$2,727,077

$8,485,240

112046 CN $2,387,473 $0 $1,909,979

*111980 Other $47,905,668 $0 $38,324,536

Total

$146,282,452

$56,908,972

$71,189,200

*GARVEE Debt Service related to UPC 101595

6. FINANCING ISSUES

The majority of the project funding for the I-95 Southbound CD Lanes project is a combination of

federal and state funds. The project has funding sources identified to fully fund the project.

7. CASH FLOW

I-95 Southbound CD Lanes project annual cash flow analysis is reflected in Tables 4.1 thru 4.4. It

shows the comparison of previously expended and projected expenditures by fiscal year by phase

against the total annual allocations. The majority of the funding for the projects has been allocated

to the projects, with some allocations into FY21 through FY23. As a result, expenditures are

anticipated to slightly outpace funding during the construction period, particularly in FY20. This

will be managed through funding acceleration in future Six Year Improvement Program (SYIP)

updates as well as overall cash flow management in the actual spend-plan/contractor payments as

work packages are refined in the design-build process.


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

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Table 4.1: Cash Flow Analysis –UPC 101595

Cumulative

Allocation

Surplus (Deficit)

($3,524,938) $6,122,989 $1,863,274 $0

FY25

$5,358,572 $6,100,000

$23,028 $545,000 $700,000

$109,329,998$29,602,000

$116,129,998

$65,430,380

$116,129,998$30,888,428

Cumulative

Expenditures$114,266,724 $116,129,998

Total Annual

Expenditures$12,566,316 $1,863,274

Total Annual

Allocations$67,287,042 $8,306,601$40,536,355

Cumulative

Allocations$67,287,042 $116,129,998 $107,823,397

$101,700,408$70,811,980

$70,811,980

Construction $12,434,344 $1,863,274

Total

PE $741,428

Expenditures Thru FY 20 FY 21 FY 22 FY 23 FY 24

Right of Way $131,972


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

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Cumulative

Allocations$5,125,894 $7,409,099 $11,817,440 $13,333,629

Cumulative

Allocation

Surplus (Deficit)

($1,277,031) ($3,332,392) ($677,617) $1 $1

$6,402,925 $4,338,566 $1,753,566

$0

Total Annual

Expenditures$838,571 $13,333,628

Cumulative

Expenditures$6,402,925

Total Annual

Allocations$4,408,341 $1,516,189 $13,333,629$5,125,894 $2,283,205

Right of Way

Construction $4,338,566 $1,753,566 $838,571

$0

$6,402,925

Expenditures Thru FY20 FY21 FY22 FY 23

PE $0 $0

$10,741,491 $12,495,057

TotalFY24

$13,333,628

$13,333,628

FY25


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

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8. P3 ASSESSMENT

This project is not a candidate for delivery via the Public Private Transportation Act (PPTA). The

project does not offer an acceptable payback to a private concessionaire. The project is being

procured through a design-build process and is funded with a combination of state and federal

funds.

9. RISK AND RESPONSE STRATEGIES

A Risk Management meeting was held on September 19, 2016 and the Final Risk Management

Report was published. The report was a record of the outcome of discussions on the various risk

components and the mitigation strategies associated with this project. Thirty-seven risk factors and

mitigation strategies were identified. The majority of the risks were mitigated during the project

development and procurement phases. Ongoing risks, such as materials concerns, adjacent project

coordination, and public outreach have defined action plans during the construction phase. The

full Risk Management Report can be found within the project files.

Cumulative

Allocations$4,000,000 $4,000,000 $4,000,000 $4,000,000

Cumulative

Allocation

Surplus (Deficit)

$1,167,038 $545,038 $0

$4,000,000

$2,892,217

Total Annual

Allocations$0 $0 $0 $4,000,000

Cumulative

Expenditures$3,454,962 $4,000,000

Total Annual

Expenditures$545,038 $4,000,000$1,107,783 $1,725,179 $622,000

$545,038

Expenditures Thru FY20 FY21

$1,107,783 $1,725,179

Right of Way

PE

Construction

$1,107,783 $2,832,962

$622,000 $4,000,000

FY25

$0

$0

$0

FY22 FY23 FY24

$0

Total


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

19

10. ANNUAL UPDATE CYCLE

The submission date of the Initial Financial Plan was January 31, 2017. The first annual update

was submitted on January 31, 2018 and was based on data as of October 31, 2017. This and future

annual updates will be submitted by January 31 of that year, with a "data as of" date of October 31

of the previous year.

11. SUMMARY OF COST CHANGES SINCE LAST YEAR’S FINANCIAL PLAN

UPC 101595 - I-95 Southbound Collector Distributor Lanes –Rappahannock River

Crossing

There is no change in the total project estimate for UPC 101595.

UPC 110595 – I-95 Southbound and Northbound Bridges over Route 17 – Replacement

There is no change in the total project estimate for UPC 110595

UPC 112046 – I-95 Southbound at Route 17- Fred Ex Connection

There is no change in the total project estimate for UPC 112046.

UPC 111980 - I-95 Rappahannock River Crossing - GARVEE Debt Service This UPC was established for budget monitoring on the debt service related to UPC 101595 only.

12. COST AND FUNDING TRENDS SINCE INITIAL FINANCIAL PLAN


Crossing

The total project budget and allocations of $116,129,998 remain the same since last year’s

financial plan. The project expenditures are still tracking ahead of the project allocations for the

current fiscal year. The spend plan and allocations will not be in deficit by fiscal year 2021.


The total project budget is $13,333,628 while total project allocations are $13,333,629, a

difference of $1, this remains the same since last year’s financial plan. The project expenditures

are still tracking ahead of the project allocations through fiscal year 2022. The spend plan and

allocations will not be in deficit by fiscal year 2023.


The total project budget and funding of $4,000,000 remain the same.

UPC 111980 - I-95 Rappahannock River Crossing - GARVEE Debt Service This UPC was established for budget monitoring on the debt service related to UPC 101595 only.


(UPC#s: 101595, 110595, 112046, 111980)

January 2020

20

13. SUMMARY OF SCHEDULE CHANGES SINCE LAST YEAR’S FINANCIAL

PLAN


Crossing

Based on the contract documents, the completion date for this portion of the project is May 26,

2022. There is a sliding scale incentive for the contractor if the project is completed up to 90

days early. The project is progressing well, it is anticipated the contract will meet the

incentivized complete date.


Based on the contract documents, the completion date for this portion of the project is September

15, 2021. There is a sliding scale incentive for the contractor if the project is completed up to 30

days early. The project is progressing well, it is anticipated the contract will meet the

incentivized complete date.


Based on the contract documents, the completion date for this portion of the project is July 15,

2021. The project is progressing well, it is anticipated the contract will meet the complete date.

UPC 111980 - I-95 Rappahannock River Crossing - GARVEE Debt Service

This UPC was established for budget monitoring on the debt service related to UPC 101595 only.

14. SCHEDULE TRENDS SINCE INITIAL FINANCIAL PLAN

There are no trends affecting the project schedule since the initial financial plan.

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